Northern Abitibi Mining Corp. (’NAI’)
entered into an option agreement to acquire an interest in the Viking gold
property in July 2007. In October, 2009, NAI completed its initial earn-in
obligations at Viking by incurring in excess of $1.2-million on exploration and
issuing a total of 1,115,000 shares to Altius. Under the terms of the agreement
Altius had a number of options at the time of earn in and elected to retain a 2-
to 4-per-cent sliding scale net smelter royalty (tied to the price of gold) over
the project consistent with the Company’s prerogative to create royalties. The
Viking story is an excellent example of a project generated by the company at
virtually zero cost while creating a potentially lucrative future royalty
stream.
During 2010, Northern Abitibi Mining completed 9,735 metres of core drilling in
58 holes, excavated 13 new trenches, and collected 985 surface samples and 243
soil samples. The focus of
the programs were to facilitate completion of a National Instrument 43-101
resource estimate of the Thor trend and identify other local and/or regional
gold exploration targets on the Viking Gold Project.
The Viking property contains numerous high-grade veins within larger,
bulk-tonnage-style zones of gold mineralization.
The property is ideally located within 1 km of a paved highway and power line.
For further information regarding Northern Abitibi's results to date and future
plans at the Viking gold project please visit our partner's website at
http://www.naminco.ca.